FRFIRST INDUSTRIAL REALTY TRUST INC
Real Estate Investment Trusts
- Revenue
- $727M
- 8.6% YoY
- Operating margin
- —
- EBITDA
- —
- Market cap
- $7.2B
- Employees
- 152
- $5M revenue each
- Net debt / EBITDA
- —
- $1.4B net debt
- AI in 10-K
- 0.1
- mentions per 10K words
Takeover score 1 of 13
Fixable underperformance 0 of 7
- TSR below peersNo—3+ of last 5 years
- High CEO pay despite TSRNo—Median CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo186% of net incomeCash flow under 80% of net income
- Dilutive SBCNo3% of revenueOver 10% of revenue
- Payouts exceed cash flowNo50% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo—Over 40% of assets
- Shareholder dissentNo95% lowest supportAny vote under 80% support
Buyer economics 1 of 4
- Low revenue per employeeNo$5M · 86th pctBottom quartile of its SIC industry
- Quiet on AIYes0.1 per 10K words · 10th pctBottom quartile of AI mentions in 10-Ks
- Net cashNo—More cash than debt, positive EBITDA
- Buyout-sizedNo$7.2B market capMarket cap $500M–$5B
Catalysts 0 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingNo−$40K netNet sales over $10M in 12 months
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $476M | $540M | $614M | $670M | $727M | 8.6% |
| Net income | $271M | $359M | $275M | $288M | $247M | 14% |
| Operating cash flow | $267M | $411M | $305M | $352M | $461M | 31% |
| Stock-based comp | $14M | $16M | $17M | $20M | $20M | 1.1% |
| Dividends | $140M | $155M | $169M | $193M | $231M | 20% |
Deal filings
None.
13D filers
None on file.
Insider trading
- Open-market buys, 12 mo
- $0 · 0
- Open-market sells, 12 mo
- $40K · 2
- Net
- −$40K
Pay vs performance
No pay-versus-performance disclosure yet.